33 C
Jaipur
Thursday, October 22, 2020

Thyssenkrupp: Thyssenkrupp to cut 800 jobs at automotive business – Latest News

Must read

Identify Songs On Your Linux Desktop Using SongRec, A Shazam Client For Linux

SongRec is an open source Shazam client for Linux. It's written in Rust, with the GUI using Gtk3.Using the Shazam audio fingerprinting algorithm, this...

LG Wing India Launch Set for 28th October

While we were expecting the LG Velvet to make its debut in India later this month, the Korean giant has announced that it will...

Ubuntu 20.10 Groovy Gorilla Released: Here’s How To Update

Canonical has finally released Ubuntu 20.10 – the latest iteration of one of the most popular open-source operating systems. This release brings a lot...

Chrome 86 Blocks Abusive Notification Permission Requests

Earlier this month, Google released Chrome 86 for desktop, Android, and iOS with a few new feature additions. In a new post on Chromium...

German conglomerate Thyssenkrupp will cut 800 automotive system engineering jobs, it said on Tuesday, and said auto demand could take up to three years to recover.

The impact of the COVID-19 pandemic has added to pressures on Thyssenkrupp, which is striving to turn around its loss-making business units after selling its elevator division, by far its most profitable asset, to a private equity consortium earlier this year.

Its shares are trading at their lowest since mid-May when the pandemic’s impact on the stocks of industrial companies around the world was severe.

“We don’t expect output figures in the auto industry to return to pre-crisis levels for at least two to three years,” Ingo Steinkrueger, head of Thyssenkrupp System Engineering, said in a statement.

Thyssenkrupp in May said that System Engineering would be broken up, with two sub units – car body solutions and lightweight solutions – becoming part of the Automotive Technology division.

The remaining parts – battery solutions and powertrain solutions – are being shifted to the Multi Tracks unit, which accounted for 6 billion euros ($7 billion) of sales, 20,000 jobs and 400 million euros of negative cash flow last year.

Thyssenkrupp’s delicate financial situation has given rise to speculation it might seek state participation, but Andreas Pinkwart, economy minister of Thyssenkrupp’s home state North Rhine-Westphalia, said no request had yet been made.

Pinkwart also said he could not comment on whether the German government was holding talks with Thyssenkrupp over taking a stake, adding he would support efforts to give the steelmaker financial aid to decarbonise its activities.

Source link

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Identify Songs On Your Linux Desktop Using SongRec, A Shazam Client For Linux

SongRec is an open source Shazam client for Linux. It's written in Rust, with the GUI using Gtk3.Using the Shazam audio fingerprinting algorithm, this...

LG Wing India Launch Set for 28th October

While we were expecting the LG Velvet to make its debut in India later this month, the Korean giant has announced that it will...

Ubuntu 20.10 Groovy Gorilla Released: Here’s How To Update

Canonical has finally released Ubuntu 20.10 – the latest iteration of one of the most popular open-source operating systems. This release brings a lot...

Chrome 86 Blocks Abusive Notification Permission Requests

Earlier this month, Google released Chrome 86 for desktop, Android, and iOS with a few new feature additions. In a new post on Chromium...

Apple to Use Qualcomm’s 5G Cellular Modems in Future iPhones

Following a settlement with Qualcomm after an unseemly legal dispute, Apple is reportedly planning to use the US chip-maker’s cellular modems in its future products....